Justmop.com Secures Series A Financing Round Led by Venture Friends
Taking on-demand home services to a new level in the GCC is justmop.com. The innovative company has recently announced the completion of its Series A round of funding.
This announcement comes fresh on the heels of some major global announcements including the acquisition of HomeHello, an on-demand marketplace for customers seeking domestic cleaning services by Sydney-based UrbanYou. Not to mention the news last week that Kaodim, a Malaysia-based services startup, has raised $7 million.
The company has had a tremendous run so far with annualized gross revenue of more than USD 10 million and over 25 percent MoM growth in the last 6 months.
This initial investment round was led by VentureFriends along with participation from existing and new investors, OAK Capital, the investment vehicle of Nevzat Aydin and 500 Startups. The investments bring Justmop.com’s total funding since launching its unique online platform to more than a few million dollars.
This show of confidence in the concept will enable the company to expand its sales and marketing efforts as well as widen its service profile and offer a state of the art professionalism to its client base.
Justmop.com Founders Ali Cagatay & Kerem Kuyucu
Elaborating on the company’s plans founder Ali Cagatay Ozcan said, “Our aim is to obtain a tangible leverage in target markets and we will be depending on VentureFriends to guide us. This organization is replete with successful entrepreneurs who know what we need and when we need it. This dynamic helps us concentrate on the activities without getting bogged down by the paperwork and in this fashion market reach will be expanded in a systematic manner,” he explained.
Commenting on the continued support given by Neyzat Aydin, co-founder Kerem Kuyucu expressed his appreciation adding, “We are delighted to have a man of Mr Aydin’s statute and experience on board. His extensive know-how and unmatchable
guidance will undoubtedly play a strategic role in taking justmop.com to the next level. We are super excited and lucky to be on a mission to create another massive success story with him.”
Although currently the market leaders in the UAE, the growth potential and opportunities in other GCC countries like KSA, Bahrain and Kuwait are still to be explored, according to the team who is currently engaged in due diligence for other markets in the region.
George Dimopoulos, Partner at VentureFriends, said they had found the potential in Justmop.com very positive and exactly the sort of new and fresh initiative that appeals to the investors.
“We at VentureFriends are very happy to help Justmop to achieve its ambitious goals in becoming a significant player in the Gulf area. The Justmop team have achieved remarkable growth over the last 1.5 years and with the latest financing round on track of having a presence in around 10 cities till end of 2018, thus cementing its leading position in the market.”, he said, adding that he was confident it would be a mutually rewarding association.
Justmop.com is also in the process of enhancing their mobile applications to make them seamless and establish a higher degree of trust with the customer base.
“Families let us into their homes and our staff are especially trained to understand that this courtesy is a privilege and we have to be efficient without invading privacy and make honesty our byword,” added Kerem Kuyucu.